BKC: Mumbai's newest abode for the nouveau riche

From a marshy wasteland to Mumbai's leading central business district and now a sought-after residential abode for the city's rich and famous. Rajesh Kulkarni charts the latest twist in the urban transformation of the Bandra-Kurla Complex.

Time for a spot quiz. What do corporate czars like - Ashok Wadhwa of financial services firm Ambit Holdings, Kishore Lulla of Eros International, Marico's Harsh Mariwala, Vikram Pandit, the former head honcho of Citigroup and Jalaj Dani of paints major Asian Paints have in common?

Well if your answer is that they are all well-known personalities of the Indian corporate world that unfortunately would be stating the obvious. What's less obvious however is the fact that all of the above are soon going to be neighbours - having booked luxury apartments at Mumbai's new Beverly Hills, namely the Bandra-Kurla Complex (BKC), the city's leading central business district and now the preferred abode of its rich-and-famous too.

Blessed with a strategic location, the convenience of a nearby work place, well-developed social infrastructure, excellent connectivity to other parts of the city and a green ambience, BKC is fast transforming into a most sought-after address among the city's glitterati, high-net worth individuals and corporate barons who are coming here in droves like bees to a hive.

It's a change of address that doesn't come cheap, in fact far from it. According to informed sources, super-premium apartments here that boast of all the latest frills and lifestyle trinkets can be priced anywhere between INR 30-60cr, with some of the more sought-after apartments here quoting a price in the vicinity of a whopping INR 55-58,000 psf.

Projects to choose from:
On the list are some of Mumbai's most exclusive residential projects like Sunteck Realty's - Signature Island project.  One of the three projects (the other two being Signia Isles and Signia Pearls) by the same developer at BKC's G Block, opposite the Trident Hotel, this uber-luxury residential property currently offers ready possession, spacious 5BHK duplex apartments ranging from 6,912 – 10, 616 sq.ft and priced between INR 34.56 – 53.08cr approx.

Encircled by some of India's finest hotels, recreation concepts, wellness centre and the best life has to offer, homes at this multi-storied residential complex that features the architectural design prowess of renowned architects Talati & Panthaky, come equipped with a range of 5-star amenities that include: a grand lobby, private elevators, indoor swimming pool, modern gymnasium, in-house healthcare centre, mini consumable shop, laundry, coffee shop, digital security system and exclusive audio-visual rooms to name a few.

Sunteck's other project here is the under-construction Signia Isles. Slated for completion around December 2016, Isles features 76 exclusive 4 and 5BHK residences for the chosen few, ranging from 4,578 – 5170 sq.ft and priced from INR 18.76cr onwards.

External amenities at this project that promotes green living include a grand entrance lobby, landscaped garden and podium, elegant clubhouse, temperature regulated swimming pool, rainwater harvesting facilities, high-speed elevators, intercom facility, a library, trained security and a dedicated children's play area.

The Internet-ready apartments here come ready with wooden decks and terraces, Italian marble flooring, designer bathrooms with premium fitting's, piped gas, video door phone, intercom and velvet finish walls.

Signia Pearls, Sunteck realty's third under-construction residential project here offers spacious 4BHK luxury apartments, ranging from 4,700 - 5,300 sq.ft and priced from INR 25cr onwards. Scheduled for completion around December next year, this luxury homes project also includes comparable modern amenities like: an air-conditioned lobby, power back-up, ample parking space, landscaped garden, kids play zone, gymnasium and a community hall among others. The interiors of every unit include a host of amenities almost identical to apartments at the neighbouring Isles project.

Also in the vicinity here is Hubtown Ltd's - Hubtown Sunstone project. Located near Bandra East's landmark MIG Club, this under-construction, 21-storeyed residential project that is slated for completion around June this year, includes 2 and 3BHK apartments with sizes ranging from 1,300 - 2,300 sq.ft, priced from INR 3.64cr onwards.

A standalone building of stilt + 21 floors, this project features 4 apartments on each floor on both sides and 3 levels of basement car parking. Enhancing your comfort levels are a range of premium amenities that include a landscaped garden, Wi-fi connectivity, health facilities, a swimming pool, play area, adequate security, cafeteria, gymnasium and an indoor games area.

On the interiors front, in addition to enabling splendid views of the sprawling expanse of the adjoining MIG Club grounds from the comforts of private sun decks, homes here also include aluminium sliding windows, concealed wiring, POP walls, imported sanitary ware fittings, granite kitchen platform and concealed plumbing.

For those with a preference for ready-to-move-in homes Rustomjee's Oriana project is definitely worth consideration. The epitome of smart living combined with an address that is close to both work and heart, Oriana is a regal 21-storeyed deluxe residential complex featuring spacious 3 and 4BHK residences.

Sporting a price tag ranging from INR 6.53 - 12.79cr, homes here are sized between 1,816 - 2,860 sq.ft and come with swimming pools, landscaped gardens, fitness center with gymnasium and a large children's play area to boot. Internal amenities here include: an air-conditioner in every room, video door security system, gas leak detector, home automation features, granite kitchen platform, and aluminium sliding windows among other perks.

Limited residential options:
Inspite of the above-mentioned projects that cater to the needs and budgets of the well-heeled only, industry experts opine that there is ample scope for more residential projects here to meet the growing demand for quality homes here.

A fact endorsed by a leading real estate advisory in its recent report that clearly states the need for more high-end residential projects here and a strong focus on developing BKC as a residential destination.

The report further states that once the development of BKC as a residential destination is initiated, this area could serve as a viable alternative to congested suburbs like Bandra and Worli, citing its prime location and proximity to both the north and south ends of the city as the key drivers, thereby easing pressure on other parts of the city.

While there is ample scope for more residential projects here, the commercial potential of this popular central business district has been amply leveraged. BKC already plays host to a clutch of leading banking and financial institutions like the ICICI Bank, Bank of Baroda, Bank of India, Citibank, SEBI, NSE, Small Industries Development Bank of India, ILFS ltd and IDFC to name a few.

The complex also play host to a diamond bourse, the US consulate and is home to the Mumbai Cricket Association's sprawling ground. Also said to be joining the ranks of existing hospitality majors here like The Trident, Sofitel and the nearby Grand Hyatt in the near future are two famous Las Vegas majors - The Bellagio and the MGM Grand.

With more and more corporate bigwigs and HNWIs said to be joining the rush for an opulent luxury home at this commercial enclave, it's only a matter of time before reputed developers step in with a choice of mega residential projects to cater to the demand.

For the moment however it's a shortlist of existing celebrity residents with duplexes here like - Hitesh Patel, the Surat-based diamond merchant in the news recently for his bid of INR 4.31cr for PM Modi's suit, Mickey Doshi, MD and Country Head, Credit Suisse and Pramit Jhaveri, CEO, Citi India - who are having the last laugh.